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USDCAD: bearish shock down
2022-10-05
1114
Fundamental analysis:
The US dollar remained volatile against the Canadian dollar at 1.35266. Although the rising energy costs and colder than expected winter may test Biden's commitment, this news only consolidated support for the continued export of natural gas to the United States. No serious consideration has been given to banning exports.
USD CAD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions continues to move downward, and the short-term decline has not stopped. The market short positions are pouring in. The MACD indicator is in the short positions area and moves downward continuously, while the RSI indicator remains weak in the short positions area;
Empty turning point: 1.35266
Pressing position: 1.35762, 1.36219
Support position: 1.34720, 1.34275
Trading strategy: bearish under 1.35266, target 1.34720, 1.34275
Alternative strategy: bullish above 1.35266, target 1.35762, 1.36219
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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